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S Triangle Community Foundation - Form Creating an Agency Fund
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S Triangle Community Foundation - Form Creating an Agency Fund
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Last modified
11/23/2015 9:51:37 AM
Creation date
11/23/2015 9:51:34 AM
Metadata
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Template:
BOCC
Date
11/20/2012
Meeting Type
Regular Meeting
Document Type
Others
Agenda Item
5e
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2. Use of Fund Distributions: The County shall ensure that Fund distributions are <br /> authorized by the Community Fund Management Team through the County's budget amendment <br /> process or other procedures authorized by the Board of County Commissioners. The County <br /> shall utilize grants from the Fund for the donor designated tax-exempt purpose only. Grants will <br /> not be diverted or borrowed for other tax-exempt or non-tax exempt uses within the County. <br /> Proceeds from the Fund shall not be used to replace or supplant local tax-supported <br /> governmental funding. <br /> 3. Conflicts of Interest: Each County employee whose duties relate to the Fund shall <br /> keep a clear"arms length"relationship with the Fund and potential donors to avoid any <br /> appearance of impropriety or conflict of interest which could result in personal gain in any <br /> disbursement from the Fund. The County reserves the right to reject any gifts that may present a <br /> conflict of interest or appear to influence a party or entity affiliated with the Fund that is not <br /> philanthropic in nature. <br /> 4. Additional Funds: The County may create additional-funds which may be designated <br /> for a particular tax-exempt purpose. <br /> E. Standard of Care <br /> The Foundation acknowledges that this Agreement places it in a fiduciary relationship <br /> with the County. As a fiduciary, the Foundation shall discharge each of its duties and exercise <br /> each of its powers under this Agreement with the competence, care, skill, prudence and diligence <br /> under the circumstances then prevailing and that a prudent person acting in a like capacity and <br /> familiar with such matters would use in the conduct of an enterprise of like character and with <br /> like aims. In addition, it is understood and agreed that the fund shall be administered in <br /> accordance with all applicable state laws and tax legislation. <br /> F. Fund Termination <br /> The C ounty may terminate the Fund at any time with written notice to the Foundation. In <br /> the event of termination, the Foundation shall distribute to the County 90 percent of the total <br /> fund balance immediately and the remainder upon the close of the next immediate financial <br /> period. Upon the complete delivery of all the Fund property to the County,the Foundation shall <br /> have no further responsibility to perform further investment management or other services <br /> described in this Agreement. In the event the Foundation loses it 501(c)(3)tax exempt status, the <br /> Fund and all assets in the Fund shall automatically transfer to an organization that can <br /> accomplish the charitable purpose of the Foundation, unless terminated by the County. <br /> G. Additional Provisions <br /> 1. Amendments: This Agreement may be amended or modified in whole or in part only <br /> by an instrument signed by the authorized representative of the County and the Foundation. <br />
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